Philip Green actually owns three yachts – the new Lionheart at 90 metres, the 63 metre previous Lionheart renamed Lionheart V and a 33 meter fast sports yacht called Lionchase.

Tax evader [ed: avoider. Oops, sorry so easy to make that mistake] Green was appointed by previous Conservative Prime Minister David Cameron to advise on austerity.

Sir Philip Green to examine government spending

[H]is appointment was criticised by Paul Kenny, head of the GMB union, who pointed out that Sir Philip’s wife – the named owner of Arcadia – lives in the tax haven of Monaco.

He said: “If we were seeking advice about marketing or selling clothes he is someone you might ask. This is about the health, education and care of millions of our fellow citizens – not about importing cheap clothing.”

And the Public and Commercial Services Union, which represents civil servants, said: “It’s not that surprising that the millionaires in the cabinet have appointed a billionaire to say that their cuts, which will devastate communities in the UK, are ‘fair’.”

But Cabinet Office Minister Francis Maude defended Sir Philip’s appointment, saying he had a “sharp eye for detail” and could guide the government on contracts and leases signed up to in future.

“He’s shown how he can turn around big complex businesses. Government is a huge complex organisation, and while it’s not the same as a business, a lot of the same disciplines are needed,” he added.

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Was he advising Osborne?